Insider Selling: Belite Bio (NASDAQ:BLTE) CEO Sells $5,110,560.00 in Stock

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) CEO Yu-Hsin Lin sold 26,000 shares of the firm’s stock in a transaction on Tuesday, September 8th. The shares were sold at an average price of $196.56, for a total value of $5,110,560.00. Following the sale, the chief executive officer directly owned 70,134 shares of the company’s stock, valued at $13,785,539.04. This represents a 27.05% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Yu-Hsin Lin also recently made the following trade(s):

• On Friday, September 4th, Yu-Hsin Lin sold 74,435 shares of Belite Bio stock. The shares were sold at an average price of $187.71, for a total transaction of $13,972,193.85.
• On Wednesday, August 12th, Yu-Hsin Lin sold 365 shares of Belite Bio stock. The shares were sold at an average price of $180.35, for a total transaction of $65,827.75.

Belite Bio Stock Performance

NASDAQ BLTE opened at $173.79 on Friday. The stock has a market cap of $7.00 billion, a PE ratio of -63.66 and a beta of -1.23. The firm has a 50-day moving average of $161.66 and a 200-day moving average of $158.79. Belite Bio, Inc. Sponsored ADR has a 52-week low of $64.80 and a 52-week high of $200.00.

Belite Bio (NASDAQ:BLTE) last announced its quarterly earnings results on Tuesday, June 30th. The company reported ($0.54) EPS for the quarter. As a group, analysts predict that Belite Bio, Inc. Sponsored ADR will post -3.08 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Darwin Global Management Ltd. bought a new stake in shares of Belite Bio in the fourth quarter valued at approximately $486,915,000. RA Capital Management L.P. bought a new stake in shares of Belite Bio during the 3rd quarter valued at $64,750,000. Millennium Management LLC grew its holdings in shares of Belite Bio by 2,594.6% during the 4th quarter. Millennium Management LLC now owns 558,882 shares of the company’s stock worth $89,399,000 after purchasing an additional 538,141 shares in the last quarter. RTW Investments LP increased its position in shares of Belite Bio by 128.9% in the fourth quarter. RTW Investments LP now owns 715,332 shares of the company’s stock worth $114,425,000 after purchasing an additional 402,832 shares during the period. Finally, Perceptive Advisors LLC raised its stake in Belite Bio by 732.0% in the fourth quarter. Perceptive Advisors LLC now owns 414,239 shares of the company’s stock valued at $66,262,000 after purchasing an additional 364,451 shares in the last quarter. 0.53% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on BLTE shares. Cantor Fitzgerald increased their target price on Belite Bio from $266.00 to $270.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 12th. HC Wainwright set a $245.00 price target on Belite Bio in a research note on Tuesday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Belite Bio in a report on Monday, July 6th. Jefferies Financial Group reiterated a “hold” rating on shares of Belite Bio in a research report on Wednesday. Finally, Truist Financial set a $217.00 target price on Belite Bio in a report on Friday, May 22nd. Eight research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Belite Bio has a consensus rating of “Moderate Buy” and a consensus target price of $218.73.

Belite Bio Company Profile

Belite Bio, Inc is a clinical-stage biopharmaceutical company focused on developing treatments for serious retinal diseases. The company’s research centers on therapies designed to address the underlying biological processes that contribute to vision loss, including the accumulation of toxic vitamin A–derived compounds in the retina.

Belite Bio’s lead product candidate is tinlarebant, also known as LBS-008. Tinlarebant is an orally administered retinol-binding protein 4 antagonist intended to reduce the delivery of vitamin A to the retina and limit the formation of toxic bisretinoids.